Tuesday, December 26, 2017

Fuel Scarcity To End In Two Days’ Time – NNPC Boss

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru has indicated that the current scarcity of fuel being experienced will come to an end in two days’ time.

Speaking with reporters in Abuja, Baru said the consumption of Premium Motor Spirit (PMS) had risen to over 50 million litres per day due to hoarding and diversion.

According to him, the landing cost of petrol (PMS) is N171 per litre while it is being sold at the pump at N145 per litre – a difference of N26, meaning that the product is being subsidized to the tune of N26 per litre by the Federal Government.

He made known that the product is also being smuggled across borders due to the price difference that exists between Nigeria and her neighbouring countries. Nevertheless, the Federal Government has approved preferential and speedy treatment for vessels carrying petrol to put an end to the scarcity.

Authorities such as The Navy, Nigerian Ports Authority (NPA), Customs and Excise and the Nigerian Maritime Administration and Safety Agency (NIMASA) are hurrying up the clearance of fuel vessels and anchorage services to facilitate speedy product transfer to various depots.

The NNPC boss asserted that President Buhari was deeply concerned on the fuel scarcity and has ordered stakeholders involved including security agencies to ensure a speedy change.

The NNPC, he said, has begun a 24-hour loading and sales operations at all depots and its mega stations across the country.

To boost supply, he said NNPC had programmed the delivery of additional 300 million litres in December 2017 and January 2018 to beef up national reserves to 45 million litres per day, which is above the normal consumption requirement of between 27 and 28 million litres per day.

Baru blamed black marketers of disrupting NNPC’s effort to put an end to the fuel scarcity. He stated that most of the dealers put their vehicles on queues permanently at petrol stations and even after purchasing, they discharge into containers and return to join the queues